Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                  Release Date: November 20, 2023

For the third quarter of 2023, the overall balance of payments posted a current account surplus of US$27.22 billion, a net asset increase of US$25.62 billion on the financial account, and an increase of US$1.01 billion in the Bank's reserve assets.

The current account surplus rose by US$5.17 billion over the same quarter of the previous year.

1. The goods trade surplus increased by US$12.30 billion year on year to US$30.11 billion. Export growth remained negative amid a slowing global economy, while imports also dropped owing to international raw material price declines and conservative restocking plans among companies. Overall, imports decreased more than exports.

2. The services account recorded a deficit of US$4.40 billion compared to the US$3.29 billion surplus in the same quarter of the previous year, mainly because of a decrease in freight proceeds and an increase in travel expenditures.

3. Primary income surplus expanded by US$0.91 billion year on year to US$2.69 billion, mainly reflecting an increase in banks' overseas interest income.

4. The secondary income account deficit widened by US$0.36 billion year on year to US$1.19 billion, mainly attributable to an increase in outward remittances by workers.

 

1. The direct investment account registered a net asset increase of US$5.91 billion. Of the components, outward direct investment by residents and inward direct investment by nonresidents posted net increases of US$6.09 billion and US$0.18 billion, respectively.

2. The portfolio investment account recorded a net asset increase of US$35.19 billion. Of the components, residents' portfolio investment abroad recorded a net increase of US$15.62 billion mainly because the private sector boosted overseas debt securities holdings. Nonresidents' portfolio investment registered a net decrease of US$19.57 billion, mainly attributable to a decline in Taiwanese share holdings of foreign investors.

3. The financial derivatives account posted a net asset increase of US$0.87 billion, mainly reflecting a decrease in liabilities as other financial institutions paid for losses from disposal of financial derivatives.

4. The account of other investment exhibited a net asset decrease of US$16.34 billion, mainly owing to a drop in banks' deposits with overseas branches.

 

For the first three quarters of 2023, the overall balance of payments posted a current account surplus of US$68.75 billion, a net asset increase of US$57.68 billion on the financial account, and an increase of US$10.95 billion in the Bank's reserve assets.

 

Notes:

1. The next balance of payments data will be released at 16:20 on February 27, 2024.

2. For the release schedule for the coming months, please visit the Advance Release Calendar on the Bank's website.